I think for the vast majority of gamers, it's diminishing returns.
If you own a 4090, by definition you're an enthusiast and way more knowledgeable, and more importantly interested in visual fidelity than the average game-playing Joe. I watch a lot of Digital Foundry videos as I find them oddly relaxing (I don't own a PC), but they rely heavily on side-by-side analysis in addition to varying degrees of zoom and slow-mo.
I question myself whether I'd be able to tell which version of HZD : FW I was playing, without the benefit of side-by-side... Maybe I'd notice the lower res of the base PS4, though not 100% convinced.
Likewise if you were to show an average gamer Spiderman 1/MM/2 I reckon most wouldn't perceive any real difference in fidelity. Most gamers won't have a clue about raytracing or how it looks different from other reflection techniques.
Whereas I do think if I showed my partner a PS1 & PS2, or N64 & GC game she'd quite easily be able to identify a clear difference.
We're in enthusiast territory here. For everyone else it's getting to the point where it'll take multiple generations for them to notice the jump.